Studien undersöker den abnormala avkastningen för de 100 största förvärven genomförda av svenska företag mellan 2007-2017. Studien beaktar även variabler som kan vara påverkande faktorer för denna avkastning. Variablerna som undersöks i denna studie är; betalningsmetod, affärsstorlek samt förvärvsland. Tillvägagångssättet som tillämpades för att mäta den abnormala avkastningen var i form av en eventstudie. Hypoteser framläggs utifrån studiens referensram, som sedan prövas via signifikanstest och multipel regressionsanalys. Resultaten visar en totalt positiv marknadsreaktion vid tillkännagivandet av förvärv. Samtliga portföljer genererar en värdeskapande affär, med undantaget av förvärv som uppstått i samband med kontantbetalning. Stora förvärv påvisade högre genomsnittlig kumulativ abnormal avkastning än för små förvärv. Ett signifikant samband mellan förvärv finansierade av kontanter och positiv abnormal avkastning påvisades. Däremot visar studiens resultat att förvärv finansierade med aktier/tillgångar genererade en högre genomsnittlig kumulativ abnormal avkastning jämfört med förvärv som var finansierade med kontanter. Detta resultat påvisar dock ingen signifikans. Ytterligare påvisas en högre positiv abnormal avkastning under händelsefönstret, för utländska förvärv. Det existerar ett signifikant samband, på 90%, mellan betalningsmetoden kontanter och den kumulativa genomsnittliga abnormala avkastningen. Studien fann inte ett signifikant samband för varken storlek på förvärv eller huruvida förvärvet var inhemskt eller utländskt och den kumulativa abnormala avkastningen. / This study examines the abnormal return for the 100 largest acquisitions made by Swedish companies between 2007-2017. The study also considers variables that may be influencing factors for the abnormal return. The variables examined in this study are; payment method, deal size and country of acquisition. The approach used to measure the abnormal return was an event study method. Hypotheses are presented based on the study's frame of reference, which is then tested via significance test and multiple regression analysis. The results show a total positive market reaction when announcing acquisitions. All portfolios generate value creation, with the exception of acquisitions with connection to cash payment. Large deal value acquisitions showed higher average cumulative abnormal returns than for small deal value acquisitions. A significant relationship between acquisitions financed by cash and positive abnormal returns was demonstrated. However, the study's results show that acquisitions financed by shares/assets generated a higher average cumulative abnormal return compared to acquisitions that were financed with cash. However, this result shows no significance. Further, a higher positive abnormal return is shown, during the event window, for foreign acquisitions. There is a 90% significant relationship between the cash payment method and the cumulative average abnormal return. The study did not find a significant relationship between either deal size or domestic/foreign acquisitions and the cumulative abnormal return.

This paper investigates the signaling effect of insider trading by analyzing the market reaction to 147 insider transactions executed within the period 2014-2016 on the Stockholm Stock Exchange. We present three major findings. First, we find significant market reactions for both insider purchases and insider sales, suggesting a signaling effect of insider trading. Second, we find the signaling effect to be similar for both insider purchases and insider sales. Third, we find that firm size has an influence on the signaling effect. Our findings indicate that the market values information about insider trading and that firm size has an effect on this informative value. / Denna studie undersöker signaleringseffekten av insynshandel genom att analysera marknadsreaktionen för 147 insynstransaktioner utförda under perioden 2014-2016 på Stockholmsbörsen. Vi presenterar tre huvudsakliga upptäckter. Den första är att vi finner en signifikant marknadsreaktion för både köptransaktioner och säljtransaktioner utförda av insynspersoner vilket indikerar att det finns en signaleringseffekt av insynshandel. För det andra finner vi att signaleringseffekten är lika stark för både köptransaktioner och säljtransaktioner. För det tredje finner vi att bolagsstorlek har en påverkan på signaleringseffekten. Dessa upptäckter visar på att marknaden ser ett värde i information om insynshandel och att bolagsstorlek påverkar detta informationsvärde.

Submitted by Maicon Juliano Schmidt (maicons) on 2015-05-19T17:42:55Z No. of bitstreams: 1 2015 - Marcelo Pinto da Silva.pdf: 409898 bytes, checksum: 76321a9a9f4e504829e3de371afa40ec (MD5) / Made available in DSpace on 2015-05-19T17:42:55Z (GMT). No. of bitstreams: 1 2015 - Marcelo Pinto da Silva.pdf: 409898 bytes, checksum: 76321a9a9f4e504829e3de371afa40ec (MD5) Previous issue date: 2015-02-23 / Nenhuma / O presente trabalho concentra-se em uma investigação empírica acerca da relação entre os investidores institucionais e o comportamento dos retornos anormais das ações após a divulgação dos resultados, anomalia reconhecida na literatura estrangeira como post-earnings-announcement drift (PEAD). Esta pesquisa objetiva verificar alterações na hipótese de eficiência de mercado através da relação entre os investidores institucionais e o PEAD. Para tanto, elaborou-se quatro modelos de regressão com dados em painel com base em estudos anteriores em que a variável dependente é o retorno anormal acumulado (RAA) e as variáveis independentes explanatórias da pesquisa são o standardized unexpected earnings (SUE) e a participação acionária dos investidores institucionais (PII). Aplicou-se o teste de hipótese para verificar se a média do RAA era diferente de zero, bem como se aplicou o teste de Hausman para identificar o modelo de efeito fixo ou variável dos dados em painel. Verificou-se que os coeficientes das variáveis PII e RAA foram negativos e significantes a 1% e 10%. Dessa maneira, evidenciou-se para o período e empresas pesquisadas que os investidores institucionais contribuem para a eficiência de mercado, bem como para o conteúdo informativo dos dados contábeis, através de sua relação com o PEAD. / This work focuses on an empirical investigation about the relation between institutional investors and the abnormal returns of shares after earnings announcement, anomaly known in the foreign literature as post-earnings-announcement drift (PEAD). It aims at verifying alterations in the market efficiency hypothesis through the relationship between institutional investors and PEAD. Thus, it was developed four regression models with panel data based on previous studies, in which the dependent variable is the cumulative abnormal return (CAR) and the independent explanatory variables, the standardized unexpected earnings (SUE) and the share participation of investors (SPI). The hypothesis test was applied to verify whether the CAR average was different from zero, as well as it was applied the Hausman’s test to identify the variable or fixed effect of panel data. It was verified that the coefficients of SPI and CAR were negative and significative to 1% and 10%. Thus, it was evidenced for the period and companies investigated that the institutional investors contribute for the market efficiency, as well as for the informative content of accounting data through the relationship with PEAD.

Made available in DSpace on 2016-04-25T16:44:37Z (GMT). No. of bitstreams: 1 Andre Nardy.pdf: 1089149 bytes, checksum: bf93de2a1a852c7d9ef44cfa8f114323 (MD5) Previous issue date: 2014-02-12 / The dynamics of abnormal returns , volume and betas is analyzed for Bovespa s stocks included or excluded from the Ibovespa index between 2003 and 2012, in a phenomenon known in the financial literature as the index effect, one of the oldest reported anomalies. Event studies are used with different settings of estimation window to measure abnormal returns and assess its effect on the calculation of return for the market model , since the calculation of the theoretical portfolio of Bovespa is known beforehand and is based on marketability and liquidity. No abnormal return is veryfied for shares on the date of their effective entry on the index, only abnormally high volumes. On the date of the first preview of inclusions positive abnormal returns and volumes are observed, and so on for excluded stocks. However, when we exclude from the sample companies with IPOs up to 3 years of its entry into the Bovespa Index and those assets included during the crisis of the financial markets, it appears tha abnormal returns do occur on the effective date, consistent with previous literature on the theme. The betas of the stocks included tend to covariate with greater force after inclusion in the index . With the results achieved market efficiency in the semi-strong form cannot be challenged for the Brazilian stock market, but there is a possible change in the occurrence of the index effect for the period studied, compared with previous studies / Analisa-se a ocorrência para o Ibovespa de dinâmica anormal de retornos, volume e dos betas para as ações incluídas ou excluídas do índice, entre 2003 e 2012, em fenômeno conhecido dentro da literatura de finanças como Efeito índice, uma das anomalias mais antigas relatadas. Utilizam-se estudos de eventos em diferentes configurações de janela de estimação para medir os retornos anormais e avaliar o efeito da mesma na apuração de retorno pelo modelo de mercado, dado o cálculo da carteira teórica do Ibovespa ser conhecido de antemão e baseado em negociabilidade e liquidez. Não se encontram ocorrências de retorno anormal para a data de efetiva entrada das ações, apenas volumes anormalmente altos. Na data de primeira prévia das inclusões ocorrem retornos e volumes anormais positivos, o mesmo ocorrendo para exclusões. Entretanto, ao se excluir da amostra de inclusões as empresas com IPOs realizados até 3 anos de seu ingresso no Ibovespa e aqueles ativos incluídos durante a crise dos mercados financeiros, verifica-se retornos anormais na data de efetivação da nova carteira teórica, coerente com a literatura precedente. Os betas das ações incluídas tendem a covariar com maior força após a inclusão no índice. Com os resultados não é possível questionar a eficiência na forma semiforte para o mercado acionário brasileiro, porém verifica-se uma possível mudança na ocorrência do efeito índice para o período estudado, em comparação com estudos anteriores

Made available in DSpace on 2016-04-25T18:39:54Z (GMT). No. of bitstreams: 1 Moises Avila da Silva.pdf: 1614116 bytes, checksum: be9b6746f1f46bc76c08ed255ece8d74 (MD5) Previous issue date: 2013-06-03 / According to ISE (Corporate Sustainability Index), applications denominated socially responsible investment considers that sustainable companies create long term value to shareholders because they are more prepared to face environmental, social and economic risks. This demand has been strengthening over time and today is extensively attended by many financial instruments in the local and international market. In this context, this study analyzed the inclusion of companies, from 2011 to 2013, to socially responsible company s portfolio (Corporate Sustainability Index), evaluated a set of indicators of stock prices before and after the inclusion in the ISE, compared stock markets performance before and after the announcement of the inclusion. The objective, through the events study, was to evaluate if the investor had value aggregated to its equity by decision of the company s managers to enter the ISE. Inside this context, it also evaluated if the market announcement that they are socially correct companies was able to imply this perception and if stockholders had above average return because of this event. The results observed in this paper (in average) show indication that the market positively evaluates the sustainability efforts and is willing to repay for that. However, this reality doesn t hold for long. For 2013, a new fact that hadn t occurred before can be observed: the indication of a turnaround in the markets perception regarding sustainability efforts by companies. This year, the abnormal returns (WEG companies) continued after the announcement of entering the index. This fact can indicate that the announcement could have been able to increase the stockholder wealth / Segundo responsáveis pelo ISE (Índice de Sustentabilidade Empresarial), as aplicações denominadas investimentos socialmente responsáveis, consideram que empresas sustentáveis geram valor para o acionista no longo prazo, pois estão mais preparadas para enfrentar riscos econômicos, sociais e ambientais. Essa demanda veio se fortalecendo ao longo do tempo e hoje é amplamente atendida por vários instrumentos financeiros no mercado nacional e internacional. Nesse contexto, este trabalho analisou a entrada das empresas, de 2011 a 2013, na carteira de empresas responsáveis socialmente (Índice de Sustentabilidade Empresarial). Avaliou o conjunto de indicativos de preço das ações antes e depois de entrada no ISE. Comparou o desempenho do mercado de ações diretamente com período anterior e um posterior ao anúncio de entrada nesse índice. O objetivo, através do estudo de eventos, foi avaliar se o investidor agregou valor ou não ao seu patrimônio por decisão dos gestores das companhias quando da entrada no índice de sustentabilidade. Dentro desse contexto, avaliou também se o fato de comunicar ao mercado que são empresas socialmente corretas foi capaz de fazer valer essa percepção e se os acionistas dessas empresas tiverem retorno acima do normal por esse evento. Os resultados observados neste trabalho (na média) trazem indícios de que o mercado avalia positivamente os esforços de sustentabilidade e está disposto a remunerar melhor por isso, porém esse patamar não se mantém no tempo. Já para o ano de 2013 observa-se um fato novo, não ocorrido até o momento, que são indícios de uma virada na percepção do mercado quanto aos esforços de sustentabilidade das empresas. Nesse ano, os retornos anormais (para empresa WEG) continuaram após o momento do anúncio da entrada no índice. Esse fato pode indicar que o fato público teria sido capaz de maximizar a riqueza do acionista

O objetivo desse trabalho é analisar os efeitos do anúncio da dupla-listagem sobre o comportamento das ações no mercado doméstico das empresas que promoveram a listagem de ADRs. Os aspectos do comportamento analisados são os retornos anormais, os padrões de liquidez e volatilidade de preços. Foram analisados 22 programas de ADRs. Para cada uma das características analisadas foi utilizada uma diferente técnica empírica. A análise dos retornos anormais foi realizada através de um estudo de eventos para 5 diferentes janelas de estudos. A segunda técnica empírica utiliza-se do Índice de Negociabilidade, uma métrica desenvolvida pela Economática envolvendo o número de negócios diários e o volume diário transacionado da ação para medir potenciais alterações na liquidez das ações e, por fim, a terceira técnica utilizada utiliza a variância dos retornos como medida relevante de alteração de volatilidade dos mesmos. Embora com limitações, o estudo apresentou resultados em linha com parte da literatura de referência, demonstrando, excetuando-se pela janela de 5 dias pré e pós evento, que não é possível afirmar que os retornos das ações estudadas após o anúncio da emissão das ADRs são diferentes dos retornos apresentados pelas ações antes do anúncio. Com relação à análise de impacto sobre a liquidez das ações (INM 50d), foi possível rejeitar a hipótese de que o programa não causa impacto na liquidez com um nível de significância de 10% após comparar a liquidez das ações das empresas que emitiram ADRs com a liquidez das ações das empresas que compunham as carteiras dos grupos de controle. Finalmente, ao estudar a volatilidade das ações, foi possível observar que, para os testes-F realizados, das 22 ações testadas, 11 apresentaram resultados que permitem rejeitar a hipótese nula e, portanto, inferir que, para essas companhias, a variância dos retornos durante o período de 50 dias pós-evento foi diferente da variância dos retornos durante o período de 50 dias pré-evento dentro de um nível de significância de 5%. Para as outras 11 empresas testadas, não foi possível rejeitar a hipótese nula e, portanto, não foi possível concluir, para essas empresas, que o evento do anúncio da emissão de ADRs exerceu qualquer influência sobre a volatilidade dos retornos das ações subjacentes. Essa dissertação contribui para o entendimento mais aprofundado das consequências da emissão de ADRs. Tal processo, caro e demandante, expõe as companhias a diferentes níveis de regulação e exige um nível mais elevado de governança e, portanto, deve ser bem entendido por gestores, bancos e consultores. / The purpose of this paper is to analyze the effects of the cross-listing announcement on the behavior of the shares of Brazilian companies that enroll in ADR programs. The analyzed aspects of the domestic shares’ behavior are the abnormal returns, the liquidity levels and the volatility of the returns measured by their variance. 22 ADR programs were analyzed. For each of the characteristic studied, a different empirical technique was utilized. The abnormal returns analysis was conducted through an event study for 5 different study windows. The second empirical technique rely on the “Indice de Negociabilidade”, a metric developed by Economatica which involves the number of daily trades of the market and of the shares to measure potential changes in the liquidity levels of the shares. Finally, the third method used analyzes the variance of the returns of the domestic shares as relevant measure of volatility of returns. Although with limitations, the study presented results aligned with part of the reference studies and bibliography, demonstrating, except for the window of 5 days pre and post event, that it is not possible to assert that the returns of the shares analyzed after the announcement of the issuance of the ADRs are different from the returns presented by the shares before the announcement. With regard to the analysis of the impact on shares’ liquidity (INM 50d), it was possible to reject the hypothesis that the program does not impact liquidity with a significance level of 10% after comparing the liquidity of the shares of the companies that issued ADRs with the liquidity companies’ shares that composed the portfolios of the control groups. Finally, in studying volatility of the shares, it was possible to observe that for the F-tests performed, of the 22 shares tested, 11 presented results that allow the rejection of the null hypothesis and, therefore, infer that for these companies, the variance of returns during the 50-day period postevent was different from the variance of returns over the 50-day period previous to the event within a significance level of 5%. For the 11 other companies tested, it was not possible to reject the null hypothesis and therefore it was not possible to conclude, for these companies, that the event of the announcement of the issuance of ADRs had any influence on the volatility of the returns of the underlying shares. This dissertation contributes to a more in-depth understanding of the consequences of issuing ADRs. Such an expensive and demanding process exposes companies to different levels of regulation and requires a higher level of governance and therefore must be well understood by managers, banks and consultants.

近年來，我國政府大力推動海外企業來台上市，成效亮眼。在這股熱潮下，為了解海外企業第一上市新股和第二上市台灣存託憑證於我國資本市場掛牌後的表現，本研究針對2009年四月至2010年十二月間，外國與本國發行人在台灣證券交易所新上市之股票和台灣存託憑證進行實證分析。除檢定其是否存在異常報酬外，並綜合過往文獻、相關法令規範及迴歸分析結果，探討影響其異常報酬的可能原因。本研究主要發現如下： （1）國內外企業在台新上市股票及台灣存託憑證均具有顯著的期初異常報酬，其高低依序為－海外企業第一上市新股、國內企業新上市股票、海外企業第二上市台灣存託憑證。 （2）台灣存託憑證期初異常報酬的成因並非來自於承銷價格的低估，而是來自於投資人對於蜜月行情的過度反應。其主要證據為－平均達3%的發行溢價、蜜月期結束後顯著為負的累積異常報酬、及對期初異常報酬最具影響力的示範效果因子。 （3）國內企業在台新上市股票期初異常報酬的成因主要來自於承銷商與發行公司資訊不對稱所造成的承銷價格低估。其主要證據為－新股上市後穩定且接近1.5%的累積異常報酬、及對期初異常報酬最具影響力的折價幅度因子。 （4）海外企業來台第一上市新股異常報酬的成因可能部分來自於發行公司與投資人資訊不對稱所造成的承銷價格低估；部分則可能來自於投資人對蜜月行情的過度反應。其主要證據為－蜜月期結束後為負的累積異常報酬、及海外企業來台第一上市新股與國內新上市股票的合併資料迴歸中，群體效果、中籤率與海外第一上市名目變數等顯著影響因子的間接支持。 / This study attempts to investigate the different patterns of the abnormal returns of Taiwan listings by foreign issuers and IPOs by domestic issuers, for the period from April, 2009 through December, 2010. Of particular interest is to examine the determinants of the abnormal returns. The major findings of the study are as the follows: (1)Empirical results indicate that all Taiwan listing stocks, including IPOs by foreign and domestic issuers and TDRs, have significant abnormal initial returns. Among them, IPOs by foreign issuers show the highest abnormal initial returns while TDRs show the lowest. (2)Evidences like the negative CARs, the average 3% premium of TDR issuance and the demonstration effect suggest that investor overreaction could be a major factor contributing to TDRs’ significant abnormal initial returns. (3)Evidences also suggest the under-pricing by the better-informed underwriters may cause significant abnormal initial returns of IPOs by domestic issuers. The IPO discount is discussed as an in-depth demonstration. (4)The study assumes that the significant abnormal initial returns of IPOs by foreign issuers partly result from the under-pricing as a signal to attract investors, and partly result from investor overreaction.

<p>This study deals with one of the efficient market hypothesis’ anomaly. The research aims at proving the</p><p>existence of a size anomaly by answering the question: can you outperform the market by investing in</p><p>small and mid caps? It is in fact a questioning of the well-know efficient market hypothesis (EMH). We</p><p>investigate the size effect in the situation of a passive strategy with different indices (Russell Indices and</p><p>S&P Indices) from 1995 to 2005.</p><p>The introduction gives to the reader the background he needs to understand the methodology and the</p><p>approach of the issue by the authors. Key concepts are defined such as EMH, passive strategy.</p><p>The second part exposes the methodology the authors choose and the methodology of exploited indices.</p><p>The research consist on measuring the risk adjusting excess returns by comparing the market index</p><p>return (S&P 500 or Russell 3000) and the Small and Mid Caps indices (S&P Small Cap 600, S&P Mid</p><p>Cap 400, Russell Mid Cap and Russell 2000) over the period. Indeed the methodology of indices is</p><p>exposing in details to understand in which extent the study can be influence by the construction of</p><p>indices.</p><p>Then in part 3 the authors describe theories that are possible explanations for the size effect. Then it is</p><p>understandable that the size anomaly is the result of a set of factors that generate abnormal returns.</p><p>These theories help the authors to come up with a model that gives an overview of the research.</p><p>After having explained their research method and reveal their empirical findings. The authors</p><p>demonstrate that excess returns can be earned by investing in small and mid caps indices even after</p><p>controlling for risk. The risk adjusting excess returns their findings can potentially be explained by the</p><p>other factors depicted in the theoretical part. E/P ratios, Trading Costs, January effect, Overreaction are</p><p>possible reasons to explain the size anomaly. They also find an instability and/or reversal of the size</p><p>effect consistent with one of the theories. However the authors find data with non statistic significance,</p><p>so I accept the null hypothesis that the excess returns of small and mid caps indices are equal to zero.</p><p>The paper ends with a discussion about the limitations of the study and possible further researches. The</p><p>authors conclude that even if the existence of a size effect is obvious for some years and horizons of</p><p>investment, the passive strategy appears to be an unsuited method to take advantage of the small effect</p><p>since the results reject the null hypothesis. The authors clarify the fact that before investing in small and</p><p>mid caps, one has to be aware of all the factors that can influence his investment (beside risk) because</p><p>the size effect is a set of factors.</p><p>Key words: Efficient Market Hypothesis, Abnormal returns, Size effect (anomaly), Passive strategy,</p><p>Market Index, S&P indices, Russell indices</p>

<p>Takeover is a business activity which really started in the beginning of the eighties and which still takes a strong part in the business and financial area all over the world. According to our studies as the desire for further acknowledgements and the desire of building a career around financial activities, this study has been naturally conducted in the banking area.</p><p>Regarding the steady use of acquisition like a powerful process with some positive and negative sides, we decided to implement a comparison of different mergers and acquisitions in the banking industry in the United States and Europe. This comparison has been supported and based on the third main topic of our study: performance.</p><p>These large and complex subjects combined together lead to the following hypotheses:</p><p>Hypothesis 1: Performance is not improved after takeover in the banking industry.</p><p>Hypothesis 2: The level of post takeover performance is the same in the U.S. as in the European bank acquisitions.</p><p>Based on the historical data and knowledge, the United States was the pioneer in the development of such gathers in the banking sector. Considering the United States as a reference, a first purpose was to compare them with the bank mergers and acquisitions in Europe. Stating on some possible differences as increasing our own knowledge have been some others purposes which have supported our work.</p><p>A first large part of our work was focused, through a large literature review, on the enhancement of our knowledge as the statements of the basis and support for the analysis.</p><p>To illustrate and to try to answer our research question, we have conducted our study based on a sample of 20 acquisitions which were achieved in the banking industry between March 1998 and May 2004. 10 of these acquisitions had been achieved in the United States as the 10 remaining acquisitions had been executed in Europe.</p><p>The analysis has been achieved by collecting data in Thomson Datastream Advance.</p><p>Based on a quantitative method, we applied two financial models: The Market Model (MM) and the Market-Adjusted Returns Model (MAR) supported by the Cumulative Abnormal Returns Method (CARs).</p><p>The post-takeover study has been delimited on a period of 42 months after the public announcement.</p><p>The study and the comparison between the United States and Europe have shown some differences between the two areas. Nevertheless it seems that negative abnormal returns are usually the case after such takeovers on the whole period studied. Some positive abnormal returns have been recorded at different points in the time into the studying period.</p><p>According to the models we applied, the US banks results seem to be better than the ones of European banks: the differences range from 5,58 to 16,65 points under the MM, and from 1,66 to 18,08 points under the MAR model.</p>

Purpose: The purpose of this thesis is to investigate if abnormal patterns concerning the rates of return during specific weekdays and months are observable for the companies in the OMXS30 during the period 2003-2010. A special focus will be put on the Monday effect anomaly. Background: Investors have a tendency to search for investment opportunities. If errors exist in the pricing of stocks it indicates that anomalies are present and that the stock market is inefficient. Investors then have the possibility to utilize the anomalies in order to receive above average returns. Method: This study is using data of stock prices from Nasdaq OMX in the period of 2003-2010. The strength and existence of the Swedish stock market efficiency is measured through autocorrelation-, chi-square- and regression tests. Average monthly stock returns are calculated on daily-, monthly-, and yearly basis. The returns are compared in order to examine if day-of-the-week and turn-of-the-year anomalies exist. Conclusion: No Monday effect is found in 2003-2010. However, positive Thursday- and positive Friday effects are detected. A negative turn-of-the-year effect as well as a positive April effect is found. The investment opportunities that could be utilized in 2003-2010 due to the specific anomalies in the period do not necessarily imply that the same anomalies can be expected on the OMXS30 in the future.